Fisker raises over $100 million in funds from private investors

Article by Anita Panait, on September 28, 2012

Fisker Automotive Inc. has managed to obtain over $100 million in fresh funds from private investors, bringing the carmaker’s total raised equity to more than $1.2 billion. The funds came as Fisker tries to prevail over issues related to its Karma sedan and as it gets ready for its second model, the Atlantic.

The carmaker announced that it would disclose the production plans and the specifications of the Atlantic, its second electric vehicle, by December 2012. In a statement, Fisker chief executive Tony Posawatz said that the additional funding reflects another major vote of confidence in the carmaker’s pioneering technology and business model.

Fisker’s announcement regarding the results of its latest equity financing round came a day after Consumer Reports criticized its Karma model, a $103,000 vehicle that could travel up to 40 miles on a single battery charge before its gasoline engine takes over.

Consumer Report did not recommend the Karma, citing its interior design and reliability. Fisker has recalled Karmas on issues over ion batteries (which were supplied by A123 Systems Inc.) and cooling fans.

Fisker, which was granted $529 million in U.S. Energy Department loans in 2009 to develop and build its vehicles, also has to forge a deal with federal officials after it was cut off from one of its funding sources in 2011.

The carmaker’s plan to use those funds to build a second model at a closed General Motors plant in Wilmington, Delaware, has been suspended since February 2012. Although Fisker did not disclose how many investors contributed to its latest round of equity funding, it is known that the carmaker is backed by venture capital firms like Kleiner Perkins Caufield & Byers and Palo Alto Investors LLC.

Fisker disclosed in July 2012 that actor Leonardo DiCaprio, also a Karma owner, had made some investments in the company and would help promote the vehicle. Fisker said that since December 2011, it has already delivered around 1,500 Karmas to customers in the United States and Europe

Topics: fisker, investment

If you liked the article, share on:

Pin It

Comments

Recommended

Lamborghini has disclosed that it is looking into the possibility of releasing electric vehicles. With the Volkswagen Group revealing that it will be releasing electric vehicles within several years, there...
by - March 25, 2017
Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 2017
Lamborghini has officially offered clear proof that the Huracán Performante was able to set a new record at the Nürburgring Nordschleife with a time of 6:52.01 It was in early...
by - March 25, 2017
Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries